utm_source=newsletterYou can find a glossary of some acronyms here: https://www.biggerpockets.com/rei/real-estate-abbreviations/You might also want to read: The Ultimate Beginner’s Guide - https://assets2.biggerpockets.com/uploads/user_file/file_object/329/UBG_2018.pdf...actually the entire section: https://www.biggerpockets.com/guidesBP has a whole section dedicated to education and starting up - https://www.biggerpockets.com/intro-to-rei/overviewGet busy with the entire Education section on BP: https://www.biggerpockets.com/hubs/property-types https://www.biggerpockets.com/hubs/finance https://www.biggerpockets.com/hubs/strategy https://www.biggerpockets.com/hubs/finding-deals/analyze-deals https://www.biggerpockets.com/hubs/property-management (including TENANTS MAINTENANCE) https://www.biggerpockets.com/hubs/business-operations (and the sub section on REAL ESTATE MARKETING TOOLS & TECHNOLOGY TAXES & ACCOUNTING LEGAL TEAM)One way or another you will pay your "real estate tuition" - either in time, effort or money.

I could use some help understanding how to setup the partnership and the "fund" to hold the investors money, what legal things need to be in place, etc. 

Depending on how long you are staying, monthly rentals are still legal and there are a few companies who list them.

Make an official written offer get it under legal contract that states if you give your friend the 10,000 he must sell the propperty for the agreed price and then just do a coventional loan.

You don't want to assume their loan (for legal and tax reasons)2.

If the sunroom is already appropriately permitted and a legal addition then converting the use in the property doesn't require permitting if you are simply repairing the distress. 

All a tenant really cares about is, are there windows, and (maybe) will those windows stay up or will they fall down and need to be propped up to stay open.However, depending on the old windows you may not be able to get a lead certificate, which you need to legally rent an apartment in RI.

@Michael A Pierson  Sorry for the confusion I may have created with my post.I tend to use the word "provider" as a general term to describe those that primarily assist you in facilitating a self-directed IRA (such as consulting, helping you set up LLCs, offering legal and/or tax advice, selecting a custodian or TPA, etc) but do not actually handle and disperse the funds used to make the investment.

@Matthew R Mcnulty I don't have a buyer yet, my plan was to find a good deal, get it under contract then market it and since I'm actually going to purchase it i don't have to worry about that gray line with wholesaling being legal.

It makes chain of title messy for title insurance.